James C. Brau and J. Troy Carpenter
The purpose of this paper is to test the fundamental purpose of the 1992 Small Business Incentive Act (SBIA) to reduce the regulatory burden for small firms to raise public equity…
Abstract
Purpose
The purpose of this paper is to test the fundamental purpose of the 1992 Small Business Incentive Act (SBIA) to reduce the regulatory burden for small firms to raise public equity capital.
Design/methodology/approach
Our research compares initial public offerings (IPOs) that filed with the newer SB‐2 program to benchmark firms that filed using the traditional S‐1 filing. The authors use three proxies to measure success, hypothesizing that, if the regulatory burden has indeed been reduced for small firms, all three variables should be smaller for SB‐2 IPOs. Univariate and multivariate analyses were conducted.
Findings
With regards to easing regulatory costs, it is found that the program has not been effective. On average, SB‐2 IPOs experience larger‐scaled offering expenses, and pay higher underwriter gross spreads compared to S‐1 IPOs of similar size. SB‐2 IPOs, however, take fewer days to complete the registration process, when controlling for other relevant factors. In the burden of time, the SBIA has been effective.
Practical implications
The paper is of value to managers of firms desiring to conduct an IPO. These managers, if they meet the size requirements dictated by the SEC, can elect to use an SB‐2 or an S‐1 document. The paper shows that if cost is the primary concern, the S‐1 program should be preferred. If time is the primary consideration, then the SB‐2 program is preferred.
Originality/value
To the authors' knowledge, they are the first to test the efficacy of the SBIA program.
Details
Keywords
Martin Plöckinger, Ewald Aschauer, Martin R.W. Hiebl and Roman Rohatschek
In recent years, numerous studies have investigated whether individual executives and their characteristics relate to financial reporting choices. In this article, we review…
Abstract
In recent years, numerous studies have investigated whether individual executives and their characteristics relate to financial reporting choices. In this article, we review archival, experimental and survey research on the influence of individual executives on corporate financial reporting and use upper echelons theory as our organizing framework. Our review of 60 studies shows that research consistently finds that top management executives exert significant influence on financial reporting decisions, particularly on disclosure quality. Empirical research has developed promising approaches to investigate executives' psychological attributes and character traits. The results of studies examining the influence of demographic characteristics of individual executives are, however, sometimes contradictory and ambiguous. Nevertheless, the overall empirical results we review are supportive of upper echelons predictions. Additional research in this field is needed to clarify the influence of unexamined upper echelon characteristics, important moderator variables, and adverse selection effects. We also suggest that future research more closely investigates the magnitudes of managerial influence and adopts a more holistic perspective on financial reporting outcomes.
Details
Keywords
Ayesha Tariq, Giles D’Souza and Arthur W. Allaway
Single males and females are an under-studied segment of grocery shoppers. This study aims to compare the shopping habits of single males with single females and couples.
Abstract
Purpose
Single males and females are an under-studied segment of grocery shoppers. This study aims to compare the shopping habits of single males with single females and couples.
Design/methodology/approach
Structural equation modeling is used to analyze purchase history data for testing the effect of household type on shopping trip metrics and budget allocation to product categories.
Findings
Although single male shoppers differ on some trip metrics from females, differences are more pronounced between single shoppers, male or female, and couples. The study also confirms the mediating effect of trip metrics on the relationship between demographics and allocation of budget to grocery product categories.
Originality/value
The study contributes to the literature by identifying the differences and similarities between shopping behaviors of single males, single females and couples, developing an understanding of their budget allocation decisions to different product categories and testing and confirming that trip characteristics mediate the relationship between demographics and budget allocated to grocery products.
Details
Keywords
Mark Brown, Barbara Minsky, Richard Voss and Eren Ozgen
The purpose of this paper is to investigate the relation between countries’ values of individualism/collectivism and organizations’ top management team (TMT) pay structures…
Abstract
Purpose
The purpose of this paper is to investigate the relation between countries’ values of individualism/collectivism and organizations’ top management team (TMT) pay structures. Individualistic countries are expected to prefer more hierarchical TMT pay structures and collectivist countries are expected to prefer more egalitarian TMT pay structures. The manuscript also investigates the international implications of the relation between TMT pay structures and organizational performance. Specifically, it is proposed that a country’s level of individualism/collectivism will mediate the relation between TMT pay structure hierarchy and organizational performance.
Design/methodology/approach
A pooled sample of data from 56 organizations in 12 countries was used to investigate the research questions. Individualism/collectivism was measured using country specific individualism/collectivism scores and top management pay structures were operationalized using Gini coefficients. Organizational performance was evaluated using return on assets.
Findings
Support was found both for a preference for more hierarchical TMT pay structures in individualistic countries, and that a country’s level of individualism/collectivism mediates the relationship between an organization’s top management’s pay structure and company performance.
Originality/value
Findings demonstrate that organizations use pay structures consistent with their environments. Results suggest cultural dimensions can contribute to understanding cross-national TMT pay structures and that national culture plays a significant role in the relationship between TMT pay structure and company performance.
Details
Keywords
Prithviraj Lakkakula, Dwayne J. Haynes and Troy G. Schmitz
This chapter analyzes the economic implications of genetic engineering for food security. We discuss the asynchronous nature of genetically modified (GM) crop regulation and…
Abstract
Purpose
This chapter analyzes the economic implications of genetic engineering for food security. We discuss the asynchronous nature of genetically modified (GM) crop regulation and labeling requirements among countries, associated politics, and consumer perceptions of GM crops.
Methodology/approach
We perform an ex-ante analysis of the introduction of a GM rice variety in major rice exporting and importing countries (including potential producer and consumer impacts) within the framework of a partial equilibrium trade model.
Findings
Although the introduction of a GM rice variety that increases global yield by 5% could result in a consumer gain of US$23.4 billion to US$74.8 billion, it could also result in a producer loss of US$9.7 billion to US$63.7 billion. The estimated net gain to society could be US$11.1 billion to US$13.7 billion. Overall, we find a positive economic surplus for major exporters and importers of rice based on a 5% supply increase with a GM rice variety.
Practical implications
The adoption of transgenic (GM) rice varieties would have a far greater impact on rice prices for poorer counties than for richer countries. Therefore, GM rice may help ensure that more people throughout the world would have food security.
Details
Keywords
Carolina Manrique, Tazim Jamal and Robert Warden
This chapter offers a new sustainability-oriented paradigm for cultural and heritage tourism studies: an integrated approach to heritage tourism and heritage conservation based on…
Abstract
This chapter offers a new sustainability-oriented paradigm for cultural and heritage tourism studies: an integrated approach to heritage tourism and heritage conservation based on resilience. Its extensive literature review examines resilience in a range of disciplinary areas, including heritage conservation and tourism studies. An important aim is to “make visible” often neglected parameters in the interactions among social, cultural, economic, and environmental dimensions of heritage conservation and tourism. Within the broader concept of resilience, “cultural resilience” was identified as a crucial bridge between conservation and tourism. The study argues that resilience in general and its cultural forms in particular offer a potentially valuable framework vital for an integrated approach between the two in the common pursuit to manage change and uncertainty in cultural and heritage destinations. The chapter concludes with directions for further development of sustainability-oriented paradigm studies.
Details
Keywords
José-Antonio Corral-Marfil and Gemma Cànoves-Valiente
The proceedings of the 17 editions of the conference of the Spanish Association of Scientific Experts in Tourism constitute a valuable archival resource within the research on…
Abstract
The proceedings of the 17 editions of the conference of the Spanish Association of Scientific Experts in Tourism constitute a valuable archival resource within the research on Spanish tourism. But so far their contents have not been analyzed. The aim of this chapter is to examine the research that has been presented at its conference by means of a bibliometric analysis of the proceedings of 17 editions. The study focuses on the origin of the research (countries, regions, institutions, and authors), as well as its characteristics in terms of themes dealt with, geographical areas researched, methodologies, disciplinary areas, and attitudes toward tourism. Implications for the evolution of the research are discussed in terms of knowledge contributions and the shaping of major tourism research traditions.
Details
Keywords
Blanca A. Camargo, Tazim Jamal and Erica Wilson
Pressing sustainability issues face the 21st century, as identified by the Millennium Development Goals and its post initiatives, and ethical principles related to fairness…
Abstract
Pressing sustainability issues face the 21st century, as identified by the Millennium Development Goals and its post initiatives, and ethical principles related to fairness, equity, and justice are increasingly important to address climate change and resource scarcities. Yet, such ethical dimensions remain surprisingly little addressed in the tourism literature. Ecofeminist critique offers insights into this gap, identifying historical antecedents in patriarchal, Enlightenment-driven discourses of science where positivistic approaches facilitate the control and use of nature and women. This chapter draws from this critique to propose a preliminary, justice-oriented framework to resituate sustainable tourism within an embodied paradigm that covers intangibles such as emotions, feelings, and an ethic of care.
Details
Keywords
This chapter explores the potential for and value of imagining a humanist paradigm for tourism studies. It explores how the idea of a “paradigm” in tourism can be conceptualized…
Abstract
This chapter explores the potential for and value of imagining a humanist paradigm for tourism studies. It explores how the idea of a “paradigm” in tourism can be conceptualized, arguing that dominant thoughtlines in other fields regarding the meaning of a paradigm are not sufficient for making sense of this idea in the context of tourism studies. The chapter introduces humanism as a philosophical position in the academy and as a lived cultural practice, explores examples of extant work in tourism studies that might be seen to provide the seeds of a humanist paradigm, and offers reflections on the value of imagining such a paradigm for our field.